Hailed for its investigation into Steinhoff’s labyrinthine accounts, Viceroy Research has been accorded something akin to crusader status in the market. Just ask Aspen, or Resilient — or any company thought to be a target of the three-man Viceroy team that specialises in betting against companies it believes are overvalued. But whether Viceroy’s report into Capitec is of the same calibre as the Steinhoff report seems debatable.

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